Top o da mornin Porchies!!
Markets goin nowhere lately............better then down......
Some Briefing.com stuff, FWIW.
11:00 ET Dow +77, Nasdaq -8, S&P +1.63: [BRIEFING.COM] The Nasdaq continues to trade lower since the NAPM release, but the Dow has been able to remain in positive territory. Leading the Dow higher are Procter & Gamble (PG 63.76 +3.71) on a positive earnings announcement and Boeing (BA 63.61 +1.81) on report of increased defense spending. Also, with defensive groups like tobacco leading the way, Philip Morris (MO 51.66 +1.55) is near a 52-wk high....PC stocks under pressure as Merrill Lynch reduced FY02 and FY03 estimates for Dell (DELL 25.07 -1.17) as firm expects next couple of qtrs to prove challenging. Bucking a strong retailing sector is J.C. Penney (JCP 19.56 -0.70) on a Bear Stearns downgrade after shares have doubled in the past four months....Good news on the IPO front as Reliant (RRI 33.64 +3.64) surges 14% from its offering price, opening for trading at $34. NYSE Adv/Dec 1293/1394... Nasdaq Adv/Dec 1501/1682.
10:30 ET Dow +20, Nasdaq -23, S&P -4.12: [BRIEFING.COM] Indices have traded lower since the release of the NAPM data. The NAPM index rose slightly to 43.2%, a bit weaker than the consensus estimate of 44.0% and roughly flat with the March reading of 43.1%. April marked third consecutive rising month which supports the argument that we have seen a bottoming in the NAPM. If so, more people will be heading over to the 25 bp Fed easing camp, from the 50 bp prediction. Nevertheless, expectations are still clearly in favor of a Fed easing on May 15. Prices paid index fell to 48.9% from 49.9%, which is good news on the inflation front. Not surprisingly, employment index fell to 38.1% from 40.4%, increasing the probability of another payroll decline in Friday's report, which will be another key report for the Fed...Bank stocks traded the strongest on the NAPM release as many are now in positive territory...Traders switching out of techs and cyclicals into defensive groups today. Retail is one of few strong non-defensive groups...Adobe (ADBE 41.92 -3) is worst performing software stock as it has started to see slowdown in some European countries. NYSE Adv/Dec 1143/1415... Nasdaq Adv/Dec 1361/1670.
10:00 ET Dow +37, Nasdaq -9, S&P +0.04: [BRIEFING.COM] NAPM Index just released at 43.2% vs. market consensus of 44.0%. Initial reaction slightly lower....Techs and cyclicals are generally weaker in the first half hour of trading, but defensive groups and most retailers are doing well. Chips giving up ground, especially comm IC stocks such as AMCC, PMCS, TXCC, which are the weakest after posting 100% gains in April....Interactive entertainment stocks up strongly after CSFB starts THQI, TTWO, ATVI with Buy ratings as analyst believes sector is beginning what will be the largest and most significant growth phase in its history....Provider of electricity and energy services, Reliant Resources (RRI), prices 52 mln share IPO at $30 per share, well above the initial range of $14-$19. NYSE Adv/Dec 1170/1201... Nasdaq Adv/Dec 1352/1460.
09:45 ET Dow +22, Nasdaq -4, S&P -2.41: [BRIEFING.COM] Market opens slightly higher, but with little conviction in the early going as traders await the NAPM Index, due out at top of the hour. Should be ninth consecutive month of sub-50% levels as manufacturing sector currently lacks the demand to revive. Data below 50% is considered a contraction. Briefing.com expects no significant improvement in April after two months of modest gains...Storage stocks off to a mixed start. ABN AMRO upgrades EMC (EMC 40.35 +0.75). Initiates Brocade (BRCD 39.76 +1.77) and McData (MCDT 30.35 +2.44) with Buys, but starts Emulex (EMLX 35.29 -0.62) and Network Appliance (NTAP 22.06 -0.69) with Hold Ratings...Homebuilders generally higher on merger between Pulte (PHM not open) and Del Webb (WBB not open) to create nation's largest homebuilder...In early going, chip and chip equipment stocks giving up gains from yesterday. Also weak are banks, brokerages, biotech and telecom. Oil exploration and some select retailers are strong.
09:15 ET: [BRIEFING.COM] Futures have improved since last update, now poised for a flat open. Presently, the S&P futures, at 1252, are 3 points below fair value while the Nasdaq 100 futures, at 1863, are 3 points below fair value...Key NAPM data due out at 10ET...Earnings reports generally positive. Quite a few are trading up despite lackluster results...Positive call on storage king EMC (EMC 39.60), which was upgraded by ABN AMRO...Nextel (NXTL 16.25) reporting wider than expected loss and a 5% workforce reduction....priceline.com (PCLN 4.85) up sharply in pre-market on Goldman upgrade based on improved outlook with Q1 potentially being its last unprofitable qtr....Most European stocks markets were closed for the May Day holiday, however, Asian markets were sharply higher. The yen rose against the dollar for the second consecutive day as opinion polls indicate people are confident new Prime Minister will be able to turn economy around.
08:45 ET: [BRIEFING.COM] Cash market currently set to begin the day on a slightly negative note. Presently, the S&P futures, at 1248, are 7 points below fair value while the Nasdaq 100 futures, at 1850, are 16 points below fair value...Rambus (RMBS 17) under pressure in pre-market on EB News report that court dismissed all but three of the patent infringement claims filed against Infineon...Dow component Procter & Gamble (PG 60.05) reporting $0.02 cents above consensus, comfortable with fiscal Q4 estimates....Consolidation in the homebuilding space as Pulte Homes (PHM 46.78) and Del Webb (WBB 33.80) will merge to create nation's largest homebuilder....NAPM Index due out at 10 ET will be important number for Fed interest rate decision. Index has been ticking up the past two months, perhaps establishing a bottom in January. Briefing.com expects 43.0, slightly below consensus of 44.0.
08:30 ET: [BRIEFING.COM] S&P futures -5, or 5 pts below fair value; Nasdaq 100 pre-market indicator -15. Indications remain negative but have regained some lost ground in the past half hour. DELL is off 0.75 on the Merrill Lynch estimate reductions, and EXDS is down 0.65 on a CFO resignation, but not seeing many other big stories this morning.
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Ramblin |
